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CPP Fund Totals $316.7 Billion at 2017 Fiscal Year-End

Net return of 11.8% and $37.8 billion increase in assets

TORONTO, ONTARIO -- (Marketwired) -- 05/18/17 --

All figures in Canadian dollars unless otherwise noted.

The CPP Fund ended its fiscal year on March 31, 2017 with net assets of $316.7 billion compared to $278.9 billion at the end of fiscal 2016. The $37.8 billion increase in assets for the year consisted of $33.5 billion in net income after all CPPIB costs and $4.3 billion in net Canada Pension Plan (CPP) contributions. The portfolio delivered a gross investment return of 12.2% for fiscal 2017, or 11.8% net of all costs.

"This was a strong year for the CPP Fund as we achieved one of the largest yearly increases in assets since the inception of CPPIB," said Mark Machin, President & Chief Executive Officer, Canada Pension Plan Investment Board (CPPIB). "As always, we continue to focus on longer-term performance. Year-by-year results will swing, but it is noteworthy that our 11.8% five-year return mirrors our annual return. We believe this is a strong indicator of our ability to generate steady, sustainable returns for generations of beneficiaries to come."

In fiscal 2017, CPPIB continued to prudently execute its long-term investment strategy to diversify the CPP Fund across multiple asset classes and geographies. Through four investment departments, the organization completed 182 global transactions.

"The composition of our highly diversified long-term portfolio continues to position us well, allowing us to take advantage of the strong performance of global stock markets this year, amid significant global geopolitical developments," said Mr. Machin. "Our diverse investment programs generated strong earnings, while fixed income investments remained relatively flat."

In the 10-year period up to and including fiscal 2017, CPPIB has now contributed $146.1 billion in cumulative net income to the Fund after all CPPIB costs. Since CPPIB's inception in 1999, it has contributed $194.1 billion. For the five-year period, the net nominal return was 11.8%, contributing $129.6 billion in cumulative net income to the Fund after all CPPIB costs.

Five and 10-Year Returns(1, 2)

(for the year ending March 31, 2017)

                    Investment Rate                                         
                          of Return    Investment Rate                      
                          (Nominal)   of Return (Real)         Net Income(3)
5-Year Annualized              11.8%              10.3%   $    129.6 billion
10-Year Annualized              6.7%               5.1%   $    146.1 billion
(1)  After all CPPIB costs.                                                 
(2)  Rates of return are calculated on a time-weighted basis. They reflect  
     the performance of the Investment Portfolio, which excludes the Cash   
     for Benefits Portfolio.                                                
(3)  Dollar figures are cumulative.                                         

"We are building a portfolio capable of delivering superior performance over multiple generations to help ensure the long-term sustainability of the CPP," said Mr. Machin. "We remain disciplined in doing this, investing only in assets that we believe will collectively deliver superior risk-adjusted returns over time. Our portfolio is designed to withstand short-term market uncertainty."

Long-Term Sustainability

CPPIB's 10-year annualized net nominal rate of return of 6.7%, or 5.1% on a net real rate of return basis, was above the Chief Actuary's assumption over this same period. The real rate of return is reported net of all CPPIB costs to be consistent with the Chief Actuary's approach.

In the most recent triennial review released in September 2016, the Chief Actuary of Canada reaffirmed that, as at December 31, 2015, the CPP remains sustainable at the current contribution rate of 9.9% throughout the forward-looking 75-year period covered by his report. The Chief Actuary's projections are based on the assumption that the Fund's prospective real rate of return, which takes into account the impact of inflation, will average 3.9% over 75 years.

The Chief Actuary's report also indicates that CPP contributions are expected to exceed annual benefit payments until 2021, after which a small portion of the investment income from CPPIB will be needed to help pay pensions. In addition, the report confirmed that the Fund's performance was well ahead of projections for the 2013-2015 period as investment income was 248% or $70 billion higher than anticipated.

The CPP's multi-generational funding and liabilities give rise to an exceptionally long investment horizon. To meet long-term investment objectives, CPPIB continues to build a portfolio designed to generate and maximize long-term returns at an appropriate risk level. Accordingly, long-term investment returns are a more appropriate measure of CPPIB's performance than returns in any given quarter or single fiscal year.

Relative Performance Against the Reference Portfolio

CPPIB also measures its performance against a market-based benchmark, the Reference Portfolio, representing a passive portfolio of public market indexes that reflect the level of long-term total risk that we believe is appropriate for the Fund.

To provide a clearer view of CPPIB's performance given our long-term horizon, we track cumulative value-added returns since the April 1, 2006 inception of the benchmark Reference Portfolio. Cumulative value-added over the past 11 years totals $8.9 billion, after all CPPIB costs.

In fiscal 2017, the Reference Portfolio's return of 14.9% outperformed the Investment Portfolio's net return of 11.8% by 3.1%. The Reference Portfolio return was $8.2 billion above the Investment Portfolio's return, after deducting all costs from the Investment Portfolio and CPPIB's operations. Over the five- and 10-year periods, the Investment Portfolio continued to outperform the Reference Portfolio by $5.6 billion and $6.7 billion, respectively, after all CPPIB costs.

"When public markets soar, as they generally did this year, we expect the public equity-based Reference Portfolio benchmark to perform exceptionally well," said Mr. Machin. "Over the longer term, the Investment Portfolio has outperformed the Reference Portfolio over both the past five- and 10-year periods. Given our deliberate choice to build a prudently diversified portfolio beyond just public equities and bonds, we expect to see swings in performance relative to this benchmark, either positive or negative, in any single year. Our investment portfolio is designed to deliver value-building growth and be resilient during periods of economic stress while adding value over the long term."

Total Costs

This fiscal year reflected a decline in the operating expense ratio for the second year in a row, as well as a slowdown in the growth of CPPIB's operating expenses. We are committed to maintaining cost discipline in the years ahead. Approximately 32% of our personnel expenses are denominated in foreign currencies and that percentage is expected to increase in the coming years as we continue to hire specialized talent and skills where most of our investing activities occur.

To generate the $33.5 billion of net income from operations after all costs, CPPIB incurred total costs of $2,834 million for fiscal 2017, compared to $2,643 million in total costs for the previous year. CPPIB total costs for fiscal 2017 consisted of $923 million, or 31.3 basis points, of operating expenses; $987 million in management fees and $477 million in performance fees paid to external managers; and $447 million of transaction costs. CPPIB reports on these distinct cost categories, as each is materially different in purpose, substance and variability. We report the investment management fees and transaction costs we incur by asset class and report the net investment income our programs generate after deducting these fees and costs. We then report on total Fund performance net of these fees and costs, as well as CPPIB's overall operating expenses.

Investment management fees increased due in part to the continued growth in the level of commitments and the average level of assets with external managers, and the year-over-year growth in the performance fees paid. Notably, performance fees reflect the strong performance of our external managers.

Transaction costs marginally increased by $10 million compared to the prior year. This year, we completed 19 global transactions valued at over $500 million, in addition to other transactions assessed across the investment groups. Transaction costs vary from year to year as they are directly correlated to the number, size and complexity of our investing activities in any given period.

Portfolio Performance by Asset Class

Portfolio performance by asset class is included in the table below. A more detailed breakdown of performance by investment department is included in the CPPIB Annual Report for fiscal 2017, which is available at www.cppib.com.

PORTFOLIO RETURNS(1 )                                                       
Asset Class                              Fiscal 2017      Fiscal 2016(2  )  
PUBLIC EQUITIES                                                             
  Canadian                                      19.2%                 (6.4%)
  Foreign                                       18.9%                 (2.8%)
  Emerging                                      18.9%                 (8.7%)
PRIVATE EQUITIES                                                            
  Canadian                                       8.6%                  4.0% 
  Foreign                                       15.8%                  8.8% 
  Emerging                                      15.4%                 17.0% 
GOVERNMENT BONDS                                                            
  Marketable                                    (0.9%)                 2.3% 
  Non-marketable                                 1.8%                 (0.2%)
CREDIT INVESTMENTS                              13.9%                  8.4% 
REAL ASSETS                                                                 
  Real estate                                    8.3%                 12.3% 
  Infrastructure                                 7.4%                  9.3% 
  Other(3)                                      16.8%                 (7.7%)
PERFORMANCE OF INVESTMENT                                                   
 PORTFOLIO(4)                                   12.2%                  3.7% 
(1 ) Investment results are calculated and reported on a time-weighted      
     unhedged Canadian dollar basis, before CPPIB operating expenses.       
(2)  Certain comparative figures and percentages have been updated to be    
     consistent with the current year's presentation.                       
(3)  Other consists of Natural Resources and Agriculture investments, which 
     were previously reported under Private Equities.                       
(4)  The total Fund return in fiscal 2017 includes performance of $(854)    
     million from currency management activities, $(308) million from cash  
     and liquidity management activities, and a gain of $1.4 billion from   
     absolute return strategies, which are not attributed to an asset class.

Asset Mix

We continued to diversify the portfolio by the return-risk characteristics of various assets and countries during fiscal 2017. Canadian assets represented 16.5% of the portfolio, and totalled $52.2 billion. Assets outside of Canada represented 83.5% of the portfolio, and totalled $264.7 billion.

FOR THE YEAR ENDED                                                          
MARCH 31 ($ billions)                                   2017          2016  
CHANGE IN NET ASSETS                                                        
Net contributions                                        4.3           5.2  
Investment income (net of all                                               
 CPPIB costs)                                           33.5           9.1  
Increase in net assets                                  37.8          14.3  
AS AT MARCH 31 ($ billions)                             2017       2016(1)  
ASSET MIX                                  (%)           ($)           ($)  
PUBLIC EQUITIES                                                             
  Canadian                                 3.3          10.5          11.9  
  Foreign                                 27.9          88.4          66.9  
  Emerging                                 5.7          17.9          12.9  
PRIVATE EQUITIES                                                            
  Canadian                                 0.4           1.2           1.6  
  Foreign                                 16.3          51.6          45.7  
  Emerging                                 1.8           5.8           4.7  
GOVERNMENT BONDS                                                            
  Non-marketable                           7.6          24.0          24.4  
  Marketable                              18.3          58.2          32.5  
CREDIT INVESTMENTS                         5.5          17.5          17.0  
REAL ASSETS                                                                 
  Real estate                             12.6          40.1          36.7  
  Infrastructure                           7.7          24.3          21.3  
  Other(2)                                 2.8           8.7           2.3  
EXTERNAL DEBT ISSUANCE                    (6.3)        (19.9)        (15.6) 
CASH AND ABSOLUTE RETURN                                                    
 STRATEGIES(3)                            (3.6)        (11.4)         16.8  
INVESTMENT PORTFOLIO                     100.0         316.9         279.1  
CASH FOR BENEFITS PORTFOLIO                  -             -             -  
NET INVESTMENTS(4 )                      100.0         316.9         279.1  
PERFORMANCE OF INVESTMENT                                                   
Annual rate of return (net of all                                           
 CPPIB costs)                                           11.8%          3.4% 
(1)  Certain comparative figures and percentages have been updated to be    
     consistent with the current year's presentation.                       
(2)  Other consists of Natural Resources and Agriculture investments, which 
     were previously reported under Private Equities.                       
(3)  The negative balance of $11.4 billion in Cash & Absolute Return        
     Strategies represents the net amount of financing through derivatives  
     and repurchase agreements, and the current net position from Absolute  
     Return Strategies.                                                     
(4)  Excludes non-investment assets (such as premises and equipment) and    
     non-investment liabilities, totalling $(0.2) billion for fiscal 2017.  
     As a result, net investments will differ from the net assets figure of 
     $316.7 billion.                                                        

Investment Highlights

Highlights for the year include:

Public Market Investments

--  Invested an additional C$400 million for a 1.4% stake in Kotak Mahindra
    Bank (Kotak). Kotak is a leading private-sector bank holding company in
    India, with additional lines of business in life insurance, brokerage
    and asset management. To date, CPPIB has invested a total of C$1.2
    billion, representing a 6.3% ownership stake in the company. 
--  Invested US$280 million in convertible preferred equity securities of a
    parent company of Advanced Disposal Services, Inc. (Advanced Disposal),
    which converted to approximately 20% common equity of Advanced Disposal
    upon its initial public offering. Based in Ponte Vedra, Florida,
    Advanced Disposal is the fourth largest solid waste company in the U.S.
    with operations across 16 states and the Bahamas. 
--  Invested A$300 million for a 9.9% ownership in Qube Holdings Limited
    (Qube), the largest integrated provider of import-export logistics
    services in Australia. The investment helped fund Qube's share of the
    purchase of Asciano Limited, which was acquired by a consortium of
    global investors including CPPIB. 

Investment Partnerships

--  Invested US$137 million in Daesung Industrial Gases Co., Ltd. (Daesung)
    for an 18% ownership stake, alongside MBK Partners. Headquartered in
    Seoul, Daesung is the leading industrial gas producer in South Korea
    servicing a diversified blue-chip customer base with a resilient
    business model supported by long-term contracts. 
--  Acquired a 3.3% direct ownership interest in Bharti Infratel Limited for
    US$300 million, as part of the purchase of a 10.3% stake alongside funds
    advised by KKR, from India's Bharti Airtel Limited. Bharti Infratel
    deploys, owns and manages telecom towers and communication structures
    for various mobile operators, and is India's leading player. 
--  Announced a combined investment of US$500 million with TPG Capital for a
    17% stake in MISA Investments Limited, the parent company of Viking
    Cruises. TPG Capital and CPPIB each invested US$250 million to support
    and accelerate Viking Cruises' growth initiatives and strengthen the
    company's balance sheet. Viking Cruises is a leading provider of
    worldwide river and ocean cruises, operating more than 60 cruise vessels
    based in 44 countries.  

Private Investments

--  Acquired an approximate 48% stake in GlobalLogic Inc., a global leader
    in digital product development services, from funds advised by Apax
    Partners LLP. Based in San Jose, California, GlobalLogic helps clients
    build innovative digital products to enhance customer engagement, user
    experience and service capabilities. 
--  Acquired 100% of Ascot Underwriting Holdings Ltd. and certain related
    entities (Ascot), together with Ascot's management, for a total
    consideration of US$1.1 billion. Based in London, England, Ascot is a
    Lloyd's of London syndicate and a global specialty insurance underwriter
    with expertise spanning multiple lines of businesses, including
    property, energy, cargo, casualty and reinsurance. 
--  Invested additional equity into Teine Energy Ltd. (Teine) to support
    Teine's acquisition of the Southwest Saskatchewan oil-weighted assets of
    Penn West Petroleum Ltd. for a cash consideration of C$975 million.
    Since 2010, CPPIB has invested approximately C$1.3 billion in Teine and
    holds approximately 90% of the company on a fully diluted basis. 

Real Assets

--  Acquired three U.S. student housing portfolios for approximately US$1.6
    billion through a joint venture entity owned by CPPIB, GIC and The Scion
    Group LLC (Scion). CPPIB and GIC each own a 45% interest in these
    portfolios and Scion owns the remaining 10%. The joint venture's well-
    diversified US$2.9 billion national portfolio now comprises 48 student
    housing communities in 36 top-tier university markets, totalling 32,192
--  Entered into two agreements to invest alongside Ivanhoe Cambridge and
    LOGOS, an Australian-based real estate logistics specialist, to develop
    and acquire modern logistics facilities in Singapore and Indonesia. In
    Singapore, CPPIB will initially commit S$200 million for an approximate
    48% stake in the LOGOS Singapore Logistics Venture. CPPIB will also
    initially commit US$100 million in equity for an approximate 48% stake
    in LOGOS Indonesia Logistics Venture.
--  Acquired a 50% interest in a portfolio of high-quality office properties
    in downtown Toronto and Calgary at a gross purchase price of C$1.175
    billion from Oxford Properties Group, which will retain the remaining
    50% interest. The 4.2-million-square-foot portfolio includes seven
    office buildings with a broad mix of tenants. The transaction brings the
    total size of the jointly owned Oxford-CPPIB office portfolio to over 12
    million square feet. 
--  Acquired a 33% stake in Pacific National for approximately A$1.7
    billion, as part of the consortium that acquired Asciano Limited.
    Pacific National is one of the largest providers of rail freight
    services in Australia. 

Investment highlights following the year end include:

--  Signed an agreement alongside Baring Private Equity Asia to acquire all
    the outstanding shares of, and to privatize, Nord Anglia Education, Inc.
    (Nord Anglia) for US$4.3 billion, including the repayment of debt. Nord
    Anglia operates 43 leading private schools globally in 15 countries in
    China, Europe, Middle East, North America and South East Asia. The
    transaction is subject to shareholder approval and customary closing
--  Signed a definitive agreement to acquire Ascend Learning LLC (Ascend), a
    leading provider of educational content, software and analytics
    solutions, in partnership with private equity funds managed by
    Blackstone and Ascend management. The transaction is subject to
    customary regulatory approvals and customary closing conditions. 
--  Formed a strategic investment platform with The Phoenix Mills Limited
    (PML) to develop, own and operate retail-led mixed-use developments
    across India. CPPIB will initially own 30% in the platform, known as
    Island Star Mall Developers Pvt. Ltd., a PML subsidiary, which owns
    Phoenix MarketCity Bangalore, for an equity investment of approximately
    C$149 million. CPPIB's total commitment to the platform is up to
    approximately C$330 million, which will increase CPPIB's stake in the
    platform up to 49%. 

Asset Dispositions

--  Signed an agreement to sell CPPIB's 25% stake in AWAS, a Dublin-based
    aircraft lessor, to Dubai Aerospace Enterprise. The sale was made
    alongside Terra Firma. CPPIB had been an investor in AWAS since 2006. 
--  Sold CPPIB's 45% ownership interest in 1221 Avenue of the Americas, a
    Midtown Manhattan office property. Net proceeds to CPPIB from the sale
    were approximately US$950 million. CPPIB acquired the ownership interest
    in 2010. 
--  An affiliate of CPPIB Credit Investments Inc. sold a 16% equity stake in
    Antares Holdings (Antares) to a private investment fund managed by
    Northleaf Capital Partners (Northleaf). Northleaf and Antares are
    forming a broader strategic relationship, which will include developing
    separately managed accounts and other investment solutions designed
    specifically for Canadian asset managers, institutional investors and
    private clients. 

Corporate Highlights

--  Welcomed the appointments of three new members to CPPIB's Board of
    Directors for three-year terms: 
    --  Jackson Tai, appointed in June 2016 as our first non-resident
        Director, also serves on the boards of various publicly listed
        companies, including HSBC Holdings PLC, Eli Lilly & Company and
        MasterCard Incorporated. 
    --  Ashleigh Everett, appointed in February 2017, who is President,
        Corporate Secretary and Director of Royal Canadian Securities
        Limited and has served on a number of publicly listed companies. 
    --  John Montalbano, appointed in February 2017, also serves on a number
        of corporate boards, including Canalyst Financial Modeling
        Corporation, Wize Monkey Inc. and Eupraxia Pharmaceuticals Inc. 
--  Signed a Memorandum of Understanding with the National Development and
    Reform Commission of the People's Republic of China to offer CPPIB's
    expertise in assisting Chinese policy-makers as they address the
    challenges of China's aging population, including pension reform and the
    promotion of investment in the domestic senior care industry by global
    investors. Related to this agreement, CPPIB launched the Chinese edition
    of "Fixing the Future: How Canada's Usually Fractious Governments Worked
    Together to Rescue the Canada Pension Plan". 
--  CPPIB Capital Inc. (CPPIB Capital), a wholly owned subsidiary of CPPIB,
    completed two international debt offerings, comprising three-year term
    notes totalling US$2 billion, and five-year term notes totalling US$2
    billion. CPPIB utilizes a conservative amount of short- and medium-term
    debt as one of several tools to manage our investment operations. Debt
    issuance gives CPPIB flexibility to fund investments that may not match
    our contribution cycle. Net proceeds from the private placement will be
    used by CPPIB for general corporate purposes. 

About Canada Pension Plan Investment Board

Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, Sao Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2017, the CPP Fund totalled $316.7 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn or Twitter.

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